Google Revamps Google Pay, Plans New Mobile-First 'Plex' Bank Accounts
Google today announced a total overhaul of its Google Pay apps designed for iOS and Android devices, with a new emphasis on keeping track of finances and managing financial relationships with people and businesses.
The updated Google Pay app will display the friends and businesses you interact with most often rather than a simple list of all transactions. Built-in tools allow for splitting expenses and calculating totals with another person, and the Google Pay app can be used to order food, buy gas, and more.
Integrated coupons and promo codes are included, and these can be activated with a tap. For those who have a bank account or cards connected to Google Pay, the app will now provide periodic spending summaries and show trends and insights over time, similar to how Apple Card works in the Wallet app on iOS devices.
Starting in 2021, Google plans to further enhance Google Pay with a new mobile-first banking experience. Google is partnering with 11 financial institutions for "Plex," a bank account integrated in Google Pay.
Plex accounts are offered by banks and credit unions and include checking and savings accounts with no monthly fees or overdraft charges. Plex accounts through Google Pay will be available to customers when the feature launches. Apple has an integrated credit card that works with Apple Pay, the Apple Card, but there is no similar feature for a full bank account.